FX.co ★ Daily analysis of GBP/USD for January 28, 2016

AThe GBP/USD pair had a volatile session where it made some losses and did a kind of pullback very close to the resistance level of 1.4373. A decline to the support zone of 1.4198 is expected as the bear are still in control of the situation. We should note that support is an inflection zone formed during the period between January 20 and January 21 where resistance (now, support) was seen. The MACD indicator is in the negative territory, so bears are getting stronger on the current bias.

H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4133

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4198, take profit is at 1.4133, and stop loss is at 1.4263.